Direct debits to savings account... does a savings account work with paypal?

[stereoflight14]

I read somewhere that savings account doesn't work with paypal.. or you cant confirm the savings account. Can someone elaborate on this? Im on chexsystems but a friend at the bank opened me a checking account and I can make savings accounts easily. The problem is I cant just ho to to a bunch of banks opening more checking accounts. I was really hoping to use savings. Any info appreciated, thank you!

[First Edition]

Paypal actually has no idea whether or not an account is checking or savings.

When you add the account to paypal, it asks whether it is checking or savings, and you might as well choose which ever is appropriate. Yes, paypal can debit funds from a savings account just as with a checking account. The difference between these two is that a bank will allow a small number of debits from a savings account, usually no more than 4 per month, including withdrawals... whereas a checking account is allowed unlimited debits/withdrawals, as in the name, checking, meant for writing checks

[rsot]

Also worth noting is that fees for withdrawal from savings accounts are much higher than for chequing. If your savings account accepts direct deposit (like payment from employer), paypal will be ok to use.

[gordonfreeman]

Originally Posted by rsot

Also worth noting is that fees for withdrawal from savings accounts are much higher than for chequing. If your savings account accepts direct deposit (like payment from employer), paypal will be ok to use.

Usually it's 6 withdrawals per month and then you either have to pay a fee or can't withdraw at all for the month. Most larger banks (BoA, Wells Fargo I've confirmed) charge the full $10 per transaction after that. Some smaller banks (or perhaps even the larger banks if you have a large balance with them?) will eat the cost OR charge a reduced fee.

[First Edition]

Actually it has more to do with federal regulation regarding a savings account.

ING allows 6 withdrawals per month, whereas bank of america allows 6. Although these banks will let you go past this limit from time to time, if you do it too much, they'll either close you down or convert the account into a checking account and stop paying you interest. The point in a savings account is to SAVE... and the banks don't want YOU to hang on to your money, they want it for themselves to lend to other people.

If you're in a situation where you need the funds quickly, use checking accounts. If you can hold out and make one withdrawal a week, savings is fine.

I've never heard of bank of america charging for transactions... although I have experienced them first hand converting a savings to checking..... they're nice about it. You'll get a few letters, and then they'll just let you know the account number is the same, and now you have a brand new checking account that is subject to monthly fees.

The bigger picture here...... Let's say you're a paypal stealther... and you want to use the bank account tied to your paypal account as a cashflow account... trust me, you don't want to leave any amount of money in whatever bank account you use for paypal... if paypal writes itself a check from your account, which you give them permission to do, you've got to fight along with the bank to get the money back. Most banks only allow 24 hours to file a dispute for an ACH transaction, aka automated clearing house, echeck, however you want to word it.....

I don't like paypal getting any of their grubby hands on my money, so in my experience it's better to use checking accounts, and clear the money out every day as soon as the withdrawal hits. Although, savings accounts are free most of the time, and easy to open and close with various banks....

Whichever one you choose, you need to manage your money!

[First Edition]

correction... ING only allows 4 withdrawals per month.... typo, sorry

[kabatzas]

I just fornd this......so i thought of sharing

https://www.metrobankonline.co.uk/

Bank account in 15 minutes, open 7 days a week
Debit card and credit card straight away within those 15 minutes!!!
That will make eBay Stealth a bit easier for sure!!
Lost card replacements on the spot as well, so you could probably switch acount numbers instantly too

It is a revolution.....but sadly only in London!!!!

[oompaloompa]

Originally Posted by kabatzas

I just fornd this......so i thought of sharing

https://www.metrobankonline.co.uk/

Bank account in 15 minutes, open 7 days a week
Debit card and credit card straight away within those 15 minutes!!!
That will make eBay Stealth a bit easier for sure!!
Lost card replacements on the spot as well, so you could probably switch acount numbers instantly too

It is a revolution.....but sadly only in London!!!!

looks like just a regular bank, ok they are quick to process or so they say but then again they are probably new and wanting business and have fwer customers so they can issue stuff quicker..still useful post

[WasTopRatedThenBanned]

Savings does work, even if same bank dont worry your good!

[Sandy D]

Originally Posted by First Edition

correction... ING only allows 4 withdrawals per month.... typo, sorry

Hi First,
I believe it is 6 as I did 6 last month on one account and did 7 on a separate account and got a warning that they would close the account if it happens again.
Not to doubt you as you are a ton of knowledge but I use Ing a lot myself.

I do agree with your removing the money but like you said you have to manager larger sums going out without going over the 6 limit withdrawl.

[kabatzas]

So, do the ING savings sub-accounts work ok with paypal???
Because I thought they cannot receive payments from outside, only transfers from the main ING account.
Can somebody confirm this.....ideally from the UK?
Thanks

[oompaloompa]

ING in UK does not work.

[dicknjamie]

As a banking regulator I can tell you that its Federal law that stipulates no more than 6 transactions from a savings account in any month. If you go over this limit 3 times in a rolling 12 month period the bank MUST close your account and refund you or roll your funds into a checking account. Just fyi

[doughboykilla]

yeah when useing saveings do like me and w/d once pre week so u wont go over the six i had went over a few times by mistake and they called me out on it.

[hapajenn1]

Originally Posted by WasTopRatedThenBanned

Savings does work, even if same bank dont worry your good!

So today I opened up a new account at wells fargo. The usual Checking and Savings. My question is, can TWO UNIQUE PP accounts be produced, one PP account verified with Checking accounts info, and the second PP account (different info, all unique and separate from the first PP) verified to the Savings account info?
Or does PP realize that the Checking and Savings accounts are linked at Wells Fargo, and it doesn't work?

[Omgoozle]

Originally Posted by hapajenn1

So today I opened up a new account at wells fargo. The usual Checking and Savings. My question is, can TWO UNIQUE PP accounts be produced, one PP account verified with Checking accounts info, and the second PP account (different info, all unique and separate from the first PP) verified to the Savings account info?
Or does PP realize that the Checking and Savings accounts are linked at Wells Fargo, and it doesn't work?

Yes, you can open two accounts.

[tszyuenc]

so they cant link those two acc together??

Originally Posted by Omgoozle

Yes, you can open two accounts.

[rsot]

Naw - just because 2 accounts are at a SAME branch does not mean they are linked. Ha that whole branch would be blacklisted.

Now if you put the SAME name for both accounts into pa yp al, well...you have ax'ed yourself nicely.

Experience: I have used 5 accounts from same branch for diff pa yp als. No problem

[tszyuenc]

thanks!! i got it now!!

[newjerseymax]

Originally Posted by First Edition

Paypal actually has no idea whether or not an account is checking or savings.

When you add the account to paypal, it asks whether it is checking or savings, and you might as well choose which ever is appropriate. Yes, paypal can debit funds from a savings account just as with a checking account. The difference between these two is that a bank will allow a small number of debits from a savings account, usually no more than 4 per month, including withdrawals... whereas a checking account is allowed unlimited debits/withdrawals, as in the name, checking, meant for writing checks

You should chose whichever it really is and use it. If you have checking then it must be checking on pp. The bank can and often will kick back deposits if on paypal you have checking and its Savings. Every deposit has to be overridden by a bank employee with higher level of system security. If they have a bad day or are tired of doing this for your account then they could kick back the deposit leading to suspension.

I now am beginning to wonder if this is the reason some people are getting kicked from certain banks repeatedly while others are not!?

[First Edition]

that information is not correct

[Droidtech]

I've used a savings account with no issues.